Intel shares fall after weak fourth-quarter forecast
Technology · First reported 29 Oct, 20:06 · Updated 20:43
Intel shares dropped more than 20% in extended trading after the company forecast fourth-quarter revenue and adjusted earnings below analyst expectations, citing continued weakness in the PC market. Third-quarter revenue and adjusted earnings slightly exceeded estimates, while the company said an explosion at its Israeli plant would reduce revenue by about $600 million over two quarters.
- Intel reported third-quarter adjusted earnings of 52 cents per share and revenue of $16.51 billion, compared with analyst estimates of 40 cents and $16.5 billion.
- For the fourth quarter, Intel forecast adjusted earnings of about 25 cents per share and revenue of $15 billion to $16 billion; analysts expected 43 cents and $17.1 billion in revenue.
- Intel said the Israeli plant explosion killed two workers and seriously injured a third, and would cost about $600 million in lost revenue over two quarters.
Summary written by Lux AI from 2 articles
Key facts
- Extended-trading share move
- Shares fell more than 20% after the forecast.
- Third-quarter revenue
- $16.51 billion, up 21% year over year.
- Client computing and physical AI revenue
- $8.1 billion, down 5% year over year.
- Data center and AI revenue
- $7.3 billion, up 78% year over year.
- Fourth-quarter revenue forecast
- $15 billion to $16 billion, versus analyst expectations of $17.1 billion.
- Estimated impact of Israeli plant shutdown
- About $600 million in lost revenue over two quarters.
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